Hi, this is Les, sorry again, a licensed brewkeeper and also a recruited tax professional. I'm a person who provides tax bookkeeping services. Today, I'm going to cover a little bit about the issues that have to do with paying your taxes on time, especially for those who are independent contractors or work for other companies. Their employers usually issue them a 1099 form. Normally, to avoid penalties and interest that accumulate throughout the year, I strongly recommend paying your taxes on a quarterly basis. This way, you won't have any surprises when tax season comes around and you end up with a big bill and not enough money to pay. So, sometimes being proactive and putting your money aside quarterly makes it much easier, especially if you don't want to give your money away for nothing. I can't emphasize enough that for every dollar you don't pay, there will be an accumulation of penalties and interest in the future. So, in essence, you are giving away money for free. That's why I encourage you to visit the Internal Revenue Services (IRS) website to download Form 1040-V (Payment Voucher). With this voucher, you can determine how much to pay based on your income growth. Again, this applies to anyone who is an independent contractor or someone who has an LLC and is a single member. In such cases, you will be taxed as self-employment. Therefore, if you can pay those payments and taxes on time, you won't be faced with any unpleasant surprises when your tax return is due. I hope this information helps, and if you have any questions, please give me a call. I'd be happy to answer them. Thank you so much, and until next time, bye bye.
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1099 independent contractor Form: What You Should Know
The form can be used Form 8332 is a tax document that allows a custodial parent to pass the tax exemption for a dependent child to the noncustodial parent. The form can be used Mar 25, 2024 — Use Form 8332 (Form # 8332-S, Separation Agreement) to change the name on child support payments for children, who don't have custody, to the noncustodial parent's name. Use it when Form 8332-S is issued Mar 18, 2024 — Use Form 8332 (Form # 8332-T, Change of Custody Agreement) at the time of the child's birth, the birth certificate, and any time that the child was taken out of foster care. Use Form 8332 when you change the child's surname without divorce Mar 17, 2024 — Use Form 8332 when you change your name or domicile to a child's last name without divorce.
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